Succession can be defined as the transfer of ownership and management of a business to support growth, facilitate an exit, or prepare for retirement. A well-executed succession plan can allow business owners to bring in new talent, develop expertise, and bring new ideas to the table, fostering innovation and driving business growth.
Succession planning can be central to long-term business success. Whether you’re passing leadership to the next generation, preparing for new successors in key roles, or selling the business, with a clear strategy in place, you can ensure business continuity and minimise the risk of disruptions during the transition process.
Businesses often make the same common mistakes when succession planning, such as a lack of transparency and communication with the wider organisation, not preparing succession plans early enough to consider all options available, and creating plans that are not flexible enough to consider the changes that may occur in the business before exit.
How we can help
We provide the expertise and guidance to help you navigate the complexities of succession planning to ensure succession plans run smoothly and that any organisational changes remain agile.
We have expertise in supporting and guiding businesses with succession planning, ensuring common mistakes are avoided and that business leaders are communicating any changes with their employees.
If your business needs support with succession planning, we can help:
- Identify successors, whether this involves new investors for a business or handing over leadership to a family member or employee
- Creating a transition plan
- Preparing the business for a sale, including valuations
- Helping to establish a clear business structure
- Preparing your leadership team and senior members of staff for MBO opportunities
